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Is Google gaining at Apple's expense?

Are traders moving their money from Apple to Google?

Following yesterday's broad market selloff, large-cap tech names bounced back early today with Google leading the way. GOOG is now trading higher by more than 1 percent at $634, about $4 above the $630 downtrending resistance channel highlighted in the chart below.

But Apple and Priceline.com, which were both trading higher in the morning as well, have pulled back sharply from those levels. AAPL has fallen from a pre-market high over $637 and PCLN from $751.

Apple is now off its session lows in afternoon trading but still $10 below its intraday highs, while Google is only about $2 off its highs and still $10 above yesterday's lows.

Clearly there are many factors at play in these names, including Google's earnings report tomorrow, the government's antitrust lawsuit against Apple announced today, and a technical breakdown on Priceline's chart. But the divergence may indicate a rotation within the sector as Apple and Priceline holders take profits and move into names that have not risen parabolically in recent months.

GOOG
GOOG



(Chart courtesy of tradeMONSTER )

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